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REGISTERED NUMBER: SC621789 (Scotland)














UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

FOR

GSC LETTING LTD

GSC LETTING LTD (REGISTERED NUMBER: SC621789)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 28 February 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


GSC LETTING LTD

COMPANY INFORMATION
for the Year Ended 28 February 2023







DIRECTORS: Mr G Caldwell
Mrs J S Caldwell





REGISTERED OFFICE: 26 Fothringham Road,
Ayr
Ayrshire
KA8 0EY





REGISTERED NUMBER: SC621789 (Scotland)





ACCOUNTANTS: K M Stewart & Company
6 Miller Road
Ayr
KA7 2AY

GSC LETTING LTD (REGISTERED NUMBER: SC621789)

STATEMENT OF FINANCIAL POSITION
28 February 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 338,465 340,973

CURRENT ASSETS
Debtors 5 257 460
Cash at bank and in hand 2,380 1,649
2,637 2,109
CREDITORS
Amounts falling due within one year 6 109,171 110,429
NET CURRENT LIABILITIES (106,534 ) (108,320 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

231,931

232,653

CREDITORS
Amounts falling due after more than one
year

7

(269,816

)

(275,240

)

PROVISIONS FOR LIABILITIES - (477 )
NET LIABILITIES (37,885 ) (43,064 )

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 9 (37,985 ) (43,164 )
SHAREHOLDERS' FUNDS (37,885 ) (43,064 )

GSC LETTING LTD (REGISTERED NUMBER: SC621789)

STATEMENT OF FINANCIAL POSITION - continued
28 February 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 November 2023 and were signed on its behalf by:





Mr G Caldwell - Director


GSC LETTING LTD (REGISTERED NUMBER: SC621789)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

GSC Letting Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Functional currency
The financial statements are presented in British Pounds Sterling which is the functional currency. Figures are shown to the nearest whole pound.

Going concern
As at the balance sheet date, the financial statement shows that the company has liabilities in excess of assets of £43,064 (2021:£16,118) as a result of losses made to date. The financial statements have been prepared on going concern basis that director has confirmed that he will continue to support the company for foreseeable future and meet the excess liabilities if the company is unable to do so.

Significant judgements and estimates
The preparation of financial statements requires the use of certain accounting estimates . It also requires the Directors to exercise judgement in applying the Companies Accounting policies. The areas requiring a higher degree of judgement, or complexity, and areas where assumptions or estimates are most significant to the financial statements, are disclosed below:

Estimation Uncertainty

Useful life of properties, plant and equipment
The Company assesses the useful life of its properties, plant and equipment and estimates the annual charge to be depreciated based on this.

Recoverability of debtors
The Company assesses the recoverability of Debtors on an individual basis, taking into consideration payment history, and perceived liquidity. Where it is considered that there is a higher than normal risk to the recoverability of these, provision is made against the recoverability of these debts.

Stock Valuation
The Company assesses the carrying value of stock on at least an annual basis, taking into consideration when each item was purchased and the Company's ability to sell that particular item. Where it is considered the net realisable value of stock has fallen below its' original cost, a provision is made by Management against the stock value in the financial statements.

Key Judgements made in the application of Accounting Policies
a) Exemptions taken in the application of FRS 102
The Company has considered and taken advantage of the following exemptions in its application of FRS 102:
i) The Company has not revisited previous accounting estimates.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 8% on cost

GSC LETTING LTD (REGISTERED NUMBER: SC621789)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 28 February 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
Classification
The Company believes all financial instruments are Basic Financial Instruments. Therefore, the Company recognises these in accordance with Section 11 of the Financial Reporting Standard.

Recognition and measurement
The company's debt instruments are measured at amortised cost using the effective interest rate method.

Impairment
Financial instruments are reviewed annually for impairment.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Freehold Plant and
property machinery Totals
£    £    £   
COST
At 1 March 2022
and 28 February 2023 338,465 15,419 353,884
DEPRECIATION
At 1 March 2022 - 12,911 12,911
Charge for year - 2,508 2,508
At 28 February 2023 - 15,419 15,419
NET BOOK VALUE
At 28 February 2023 338,465 - 338,465
At 28 February 2022 338,465 2,508 340,973

GSC LETTING LTD (REGISTERED NUMBER: SC621789)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 28 February 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 257 460

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors - 650
Other creditors 109,171 109,779
109,171 110,429

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Other creditors 269,816 275,240

Amounts falling due in more than five years:

Repayable by instalments
Other loans more 5yrs instal 211,218 212,748

The bank loan is repayable in instalments over 6 years. The loan is guaranteed by government and carries an interest rate of 2.5% p.a.

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

9. RESERVES
Retained
earnings
£   

At 1 March 2022 (43,164 )
Profit for the year 5,179
At 28 February 2023 (37,985 )